Volvo, rumored in the past to be a possible purchaser of at least two other companies, has surfaced as the possible object of an acquisition by DaimlerChrysler.
Dagens Industri, a daily business newspaper in Sweden, cited unnamed sources in reporting that the German-U.S. automaker will bid at least $17.7 billion for Volvo, the maker of transportation, construction, marine and aerospace equipment based in Stockholm, Sweden. Volvo’s market value had been pegged recently at $12.4 billion.
In New York, Volvo spokesman Tom Clifford stopped short of outright denial.
“In this environment, everybody is always talking to everybody,” he said. “That’s why we never comment on these reports.”
DaimlerChrysler spokesman Rocki Rockingham also declined to comment.
In the past, it has been rumored that Volvo — cash heavy after selling its auto division to Ford Motor Co. in March — was seeking to buy Navistar International. More recently, Volvo openly stated its desire to acquire its Swedish rival Scania but met resistance to increasing its stake in the company to 22%.
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